Spectra Energy Partners has reported net income of $22.5 million for the first quarter of 2008, compared to net income of $19.2 million for the same period of 2007.
The company reported operating income of $13.6 million for the first quarter of 2008, compared with $14.7 million for the same period of 2007.
Interest expense for the first quarter 2008 increased $2.8 million over the same period of 2007, to $5 million, as a result of borrowings against the revolving credit facility which was entered into at the closing of the initial public offering. Interest income was $1.5 million for the first quarter of 2008.
Greg Harper, president and CEO of Spectra Energy, said: We continue to see strong underlying performance from our existing asset base and new opportunities for growth such as our recently announced expansions at Moss Bluff and East Tennessee Natural Gas. Because of these results, we have been able to raise our cash distribution by 10% to $0.33 per unit after just nine months of operations since Spectra Energy’s initial public offering.